Recently, a prominent DEX governance token has shown clear technical weakening signals.

I have been monitoring this token for some time. Just now, on the one-hour chart, the price surged and then pulled back, directly breaking below the key support level of the 5-day moving average. More importantly, the RSI indicator is approaching the overbought zone and has started to turn down, which often signals a short-term correction.

On-chain data shows that the proportion of large-scale long contracts held by major players has been continuously declining, reflecting a shift in large funds' attitude towards the current price level. Combining these signals, the market is indeed facing downside pressure.

Currently, there is still considerable room for a correction below the current price. There's no need to overthink; if you're bearish, just go ahead and short. With such clear technical signals, it's often time to take action.